High Throughput Genomics Receives $10 Million in Series C Financing
High Throughput Genomics, Inc., (HTG) a provider of novel microplate-based gene expression assay technology and services for the pharmaceutical and life sciences industries, today announced it has closed the first tranche of its Series C financing. The round was led by Merck Capital Ventures and included existing investors Solstice Capital and Valley Ventures as well as first time investor Arcturus Capital. HTG will utilize the funding to expand research and product development efforts in the areas of molecular diagnostics and proteomics as well as build out the commercialization team.
"Adoption of HTG's technology continues to rise, and we have diversified our portfolio of products and services including a strategic focus on academic collaborations, to best meet the evolving needs of our clients. With this new financing, HTG will be able to scale our sales and marketing activities to our growth," said E. William Radany, Ph.D., Chief Executive Officer, HTG.
"HTG is well positioned to support the pharmaceutical industry. We look forward to working closely with HTG as the company continues to enhance its innovative product and service offering to improve the drug discovery process," said Jeff Tarlowe, Chief Financial Officer, Merck Capital Ventures, LLC.
Lead investor in the company, Solstice Capital, a Tucson-based venture capital firm, along with Valley Ventures, originally invested in HTG in 2002. Harry George, managing partner of Solstice Capital, will become chairman of HTG in connection with this round of financing. George has served on the board since 2002. Prior to this round of financing, the company had raised $5 million.
"Solstice Capital recognized the magnitude of the economic opportunity of HTG early on," said Harry George, managing partner, Solstice Capital. "We had invested in this space previously and saw that HTG's technology offered significant performance and cost advantages over PCR (polymerase chain reaction) the gold standard for measuring gene expression. Solstice is pleased to be a part of HTG's growth and believes the company is now poised to accelerate."
HTG's qNPA technology is used to carry out quantitative multiplexed, gene-based drug discovery programs, including target validation, HTS lead optimization, metabolism, toxicology and clinical development. HTG's ArrayPlate lysis-only qNPA platform allows scientists to test any sample, including fixed tissues, while avoiding the need for extraction or target amplification. The platform provides high-quality quantitative test results enabling clients to compress drug discovery and development program timelines, increase program success and reduce costs.
HTG provides qNPA technology and services for the life sciences industry, addressing current unmet needs and enabling a new era of drug discovery and diagnostics. The company's technology platform enables the accurate, sensitive, reproducible and repeatable measurement of molecular signatures through the multiplexed measurement of RNA expression levels, DNA and protein levels and function. qNPA data measure how drugs act and diseases are mediated at the level of whole cells, tissues, or organisms. This enables researchers to focus their resources by rapidly obtaining higher quality results than possible with other methods, in days rather than months, saving time and costs while addressing critical unmet needs. Privately-held HTG is based in Tucson, Arizona. Investors in the company include Solstice Capital, Valley Ventures, Merck Capital Ventures, Village Ventures and Arcturus Capital. Additional information is available at www.htgenomics.com.